All Forum Posts by: Lee Bailey

I'm a wholesaler in the Birmingham Al market. I have a deal under contract with owner that has problem tenants. Owner is a 85 year old tired landlord ready be to be done with renting. He has this one last house with problem tenants. Owner struck a deal with tenants 11 years ago for a lease option to purchase. Only paperwork in place was a little piece of paper tenant has of the price they put down as down payment towards the purchase of the house which was $30K. It was basically  a handshake deal, no deed was ever recorded into the tenants name, no formal paperwork what's so ever. Well the tenants never bought the property but instead tore it up and stop paying owner monthly payments a couple years back. Owner is willing owner finance me the property, owner is even willing to quit claim deed the house to me that's how bad he wants to be done.  He says he has no energy for the court process. He wants me to deal with the headache and get paid on the backend after tenants have been evicted, property rehabbed and sold... Everything I'm hearing is that the tenants have equitable interest in the property so I'm going to have to buy them out. After 9 months, I was finally able to establish contact with the tenants. They are asking for $20K to vacate the property.

ARV $215-$220K

REHAB (Unknown, worst case scenario full rehab $60K based off sqft)

Contract price $55K

Assignment price $30K

Tenants $20K(Vacate)

Im looking for creative way to get this done as a wholesaler and also a way to get this done if i was to keep and rehab it. Owner is willing to owner finance me the property but i would have come out of pocket to get the tenants out. How do i get them out without using my own funds

@Darren A’Shom Price... Good evening, did you ever out any info on Oscar Capital Funding? They are staying in my inbox. I cant seem to find anything on them really

Good evening, Recently we bought a piece of land adjacent to a convenience store. After having the land surveyed that we purchased, turns out 75% of that store is on our property. Im looking to speak to real estate attorney on possible scenarios on how to go about claiming what belongs to us. Thanks

Our CRM company dropped the SMS bomb on us yesterday..."The TCPA requires that a business must receive express written or opt-in consent from any contact before it can legally start sending them SMS marketing messages. Such consent must be “clear and straightforward” and not hidden within a lengthy terms and condition policy"...I think our CRM company fought long as they could by given people the chance to opt-out of SMS text but now they have told us that its out of they hands now , they have to comply if they wanna stay in business. We've pretty much built our business using SMS... Any creative ways to get an opt-in other than post cards, letters and signs?

FYI, this is in the state of Alabama

Turns out, the person i have the contract with picked it up via quitclaim. The person they picked it up from picked it up as a tax deed and never got a clear title. So attorney says a they would need to get the tax deed from the probate court if they doesn’t have that already. They would then need to record that in the probate office. Then they would need to get a quiet title action underway if they have owned the property long enough. That usually costs about $3,500 and takes about 6 months to complete. The originally seller has to do the recording  but either the original seller or the person who it was quitclaim to can execute the quiet title process... 

Good evening... I have a title issue with a deal i have and could use some help on this.... The seller on this property does not appear to have an insurable or marketable title to the property. Seller obtain the property by quit claim deed from original owner but title cannot find any deed or other conveyance into original seller. Im trying to find if seller received a title policy when he purchased? If he did, then all we have to do is provide that info, but what if he didnt? Title is saying If not, they want be able to proceed with this transaction. My question is is there anything the original seller can provide to title that would fix this? The original seller was a family member who quit claimed to current seller